Coming into the week I wanted to see the Russell average lead to the upside. It was the most resilient index during last week’s horror show and if it could turn around and play offense after presenting a decent defense then I would get excited. But that is not the case. In fact Uncle Russell is the laggard thus far.
We started the day off high on hope. The situation was desperate last night and fiddly-doo we woke up to the fix. This sort of bipolar behavior is normal in my native Michigan. We have a saying, “Don’t like the weather? Take a nap.” I was up about 6% this morning but here at the close my book is barely up two.
By afternoon I managed to regain my bearings and step back into Nasdaqs to offer liquidity. It went well. I was able to dial down to the 1.5 point renkos. I imagine the 0.75 point reknos will stay on the shelf for a while.
I am constructive this week. We have alignments that bode well for bulls. But if the Russell doesn’t go Snake Plissken soon I may duck and cover.
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Ideally, we hit the tiny gap at NQ 3864, which, incidentally, is just below the 423.6 fib line from the 1st move down. I think the poster djmarcus on flypost “fading the open” was exactly right and that anytime the fly utters the word “gibberish” in response, it is fade time.
i show mark 3867.50
Ol’ Russell seems to be channeling Stuntman Mike at the moment…
yesterday afternoon was 100% stuntman mike lol